Washington § 39.98.010 Finding—School district debt obligation not removed.

Washington Statutes

§ 39.98.010 — Finding—School district debt obligation not removed.

Washington § 39.98.010

Title 39PUBLIC CONTRACTS AND INDEBTEDNESS

Ch. 39.98SCHOOL DISTRICT CREDIT ENHANCEMENT PROGRAM

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Bluebook

Wash. Rev. Code § 39.98.010 (2026).

Text

The legislature finds that implementation of the credit enhancement program provided for in this chapter can provide substantial savings to the taxpayers of the state of Washington with minimal cost or risk to the state government. The guaranty provided by pledging the credit of the state to the payment of voter-approved school district general obligation bonds will encourage lower interest rates, and therefore lower taxes, for such bonds than school districts alone can command, despite the excellent credit history of such obligations. Any such guarantee does not remove the debt obligation of the school district and is not state debt.

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The legislature finds that implementation of the credit enhancement program provided for in this chapter can provide substantial savings to the taxpayers of the state of Washington with minimal cost or risk to the state government. The guaranty provided by pledging the credit of the state to the payment of voter-approved school district general obligation bonds will encourage lower interest rates, and therefore lower taxes, for such bonds than school districts alone can command, despite the excellent credit history of such obligations. Any such guarantee does not remove the debt obligation of the school district and is not state debt.